The recently unveiled tax reform proposal is a non-starter for homeowners, according to the National Association of REALTORS (NAR). By doubling the standard deduction and repealing the state and local tax deduction, the plan would effectively nullify the current tax benefits of owning a home for the vast majority of tax filers. According to NAR this plan could result in home value’s plummeting and millions of homeowners seeing their home equity evaporate if tax reform nullifies or eliminates the tax incentives they depend on.
